xi jinping doesn't think that is the most important thing for china right now. just recently come of the blackstone group had been trying to acquire the property developer soho. they had good relationships with the chinese communist party. they funded a massive program within the party, blackrock. they had not been able to secure the deal and were denied by regulators. the big thing they are saying to foreign investors is if you want to come and make money, you can, but we will not cater to you. >> there is a real risk here that because the chinese communist party is doing it that everybody will say this is bad. i am a parent and i worry about screen time for my children. i worry about the impact of culture. is this a chinese way of doing it? >> i'm glad that you asked this question. i would like to say that this move is partially the ccp-esque about response to people's demands. there is such a saying that excessive indulgence -- this is what parents are worried about their children. sometimes they are really concerned about screen time. you have these opinions

we got joe biden, who spoke to xi jinping. i'm getting a statement at the moment, to what was discussed. what of the things was the lower-level u.s.-china talks have not been successful, is one of the headlines coming through. they are seeking to engage directly, aren't they here? david: we were just having this conversation, and they said one of the hopes is for a meeting between the two presidents and talk about terrace, which are still fairly disruptive. they discuss where their interests converge. the two leaders had brought, strategic discussions, and they agreed to engage openly and straightforwardly. rishaad: the -- president biden once underscoring the u.s.'s enduring dedication to countries around the world. they are just managing -- it is nothing groundbreaking particularly, but what it is is effectively the currency, the offshore you want moving to the downside. not sure if this has been the catalyst for that. there we go. david: yeah, stronger currency. two presidents talking. i can see how that might make sense wi

it was joe biden calling xi jinping.was a call about having future calls and it was not about outcomes or policy changes or anything like that, it was frustration taking place with the dead and talks that had been taking place at lower levels. we have markets on the upswing. we have the hang seng in hong kong leading the charge. china so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating and losing weight. go to golo.com and see how golo can change your life. that's golo.com. ♪ >> they would not want to go for the bailout. they also agreed. sri lanka has another $500 million of foreign-exchange bonds coming up in january. it seems the country has enough money but pressure will rise amid 2022. so

president xi jinping announcing plans of a new stock exchange out of beijing.en is softer on the back of a slightly stronger dollar. let's focus on the geopolitical stories beyond japan. we are tracking what is happening in germany. we are three weeks from a historic election, and the three democrats are emerging as a possible kingmaker in any coalition. >> for us, it is the content that will be decided. there is nothing automatic. join one coalition model or another. there will have to be an attractive offer. tom: the german social democrats currently at 25%. merkel's bloc, 22%. less crossover to maria tadeo, the expert in all things in german politics now. give us an update. maria: going back to that interview we played, interesting that they have projected the idea that they will decide who is in government. he was interviewing for an hour and was specific they are not shutting down any options. one could be the traffic lights coalition with the spd and the greens. he said tax hikes is a no vote. when it comes to the debt, he said we needs to invest in this

they are seeking to ease the concerns of jinping's regulatory crackdown.ome investors have been rattled china should not be neglected. >> one way or another, we have to move more to environment of equal opportunity. hopefully to produce greater productivity to equal opportunity. but also to reduce that wealth gap. that is opportunity gap and that redistribution is in the swing and that'll happen. tom: joining us this morning is the chief investment strategist ateama. thank you for joining us early this morning out of amsterdam. what is your view on the changes that we're seeing in china? do the risks now undermine the case for greater exposure for that market? >> we look at china right now, there is really an tracking tradeoff. the common prosperity team. it brings regulatory risk with it which we don't think is quite over. the chinese gofd disboft easing concern. we don't think they are done yet. it is bumping up against another strategic goal they have which is going to be for the next five years, the fact that china is struggling for tech independence t

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we aren't at a cultural -- cultural revolution now but the parallels are that xi jinping is doing theing that his hero mao zedong did which is using the people to attack his political adversaries as a top circle of communist party. this really looks very worrying, charles. charles: i have a minute to go, but this reminds me president xi jinping spoke earlier in the week in the united nations and said china would never bully the world. [laughter] isn't that what's happening? >> he has his troops deep in indian -controlled territory with chinese in bhutan and nepal. ascending his ships into japanese waters and cleansing his planes into taiwan's air defense is own. it's worse than bullying and this is really dangerous because xi jinping has a very low threshold of risk right now which means he could take us by surprise and do something that could lead to the history's great-- next great conflict. charles: and president biden doesn't think we are in a cold war with china. gordon, thank you very much. >> thank you, charles. charles: black rock is saying you know it's happiness china is a g

xi jinping is in the midst of the longest stay at home for any g20 leader.s -- bank of england's governor andrew bailey has called on the european union to clarify plans in clearinghouses, warning any upheaval risk is a real threat to stability. london dominated clearinghouses can take businesses inside. the temporary waiver lapses next june. >> if they want to break the system up, it is important to consider the risks. this is not a sort of idle "you would say this, wouldn't you" coming from the central bank. that is a real threat. we put central clearing at the heart of the system post financial crisis for a reason. rishaad: that is a look at the first word headlines. yvonne: coming up, a change in pace -- a change of pace in our equality segment as we look at women in afghanistan under taliban rule. ♪ yvonne: with the taliban now firmly in control of afghanistan, the future of the country's female population is of growing concern. rishaad: women will be allowed to go to school, but mixed classes will be banned. the group also added that ultimately, women

yvonne: taking a look at some of these stocks reacting to president xi jinping's speech. talking about how the regulatory crackdown could still be going on as well. you are seeing sentiment moving that level once again after we saw that whipsaw yesterday. tencent down 1%, alibaba down 3%, despite the fact they are pledging $15 billion when it comes to this whole common prosperity theme. we have plenty more ahead. this is bloomberg. ♪ david: welcome back to the show. later today, it is the august jobs report that we are looking ahead to, and the median expectation is the white line here. might be lower than the previous two months. the range is quite consistent, though. let's bring in kathleen hays, our global economics and policy editor. she's with us out of new york. why is this one significant in that sense? kathleen: people are waiting to see how much the delta variant might be eating away at the economy, how much labor shortages some people have been looking at as a deterrent to jobs growing faster, how much those are in play. what is interesting about the past few mo

that will satisfy xi jinping's vision of common prosperity.alleviation, agriculture, education, and the like. haidi: stephen engle there with the latest. you can get more context and analysis from china's correct down, particularly -- china's crackdown on the bloomberg technology channel on youtube. more bad news for china evergrande. at least two of their largest creditors are demanding immediate repayment, adding to liquidity strains of the world's most indebted developer. let's bring in our executive editor paul dodson for more. this latest twist, is it a major concern given how much pressure we know this company is already under? paul: i think it will be classified as incremental rather than a major new concern. but the problem is it is a bit of a confidence game at the moment, a bit of a house of cards, if you will. you have two requests for repayment of loans. i kind of want to get paid now as well. you get more and more requests for repayment, that could be a difficult situation. already being put in place for p eople. a great liquidity

xi jinping is latching onto growing concern among families.terschool tutoring services and the like, tuition has been going up. there has been aggressive advertising trying to convince parents to add to the paranoia that if your child does not get into these schools, if you don't pay tuition your child is going to get left behind. he wants to assuage those fields -- fears and level the playing field. same time, these regulations are killing this once booming sector. the latest news is that china is going to ban tutoring schools from enrolling new students for now, or even collecting fees until they have officially declared themselves and applied to be a nonprofit agency. that deadline is by the end of the year. further pressure on the sector which looks as though it is going to go under local government control and the national government control on acceptance for their business liability. >> stephen engle with the latest. let's get you to vonnie quinn with headlines. >> u.k. prime minister boris johnson quelled a conservative party rebellion

xi jinping and president biden having a phone call.f the tenges between the two sides? -- tenges between the two sides? telecom down .5% of a percent. anna: let's get to an interview this morning. climate change. the topic will be in full force next month. one of the industry's most affected is the insurance sector. zurich has measures to be a netzero business by 2030. they need to cut travel by 70%. joining us now in conversation, the zurich insurance group c.e.o. very nice to speak to you this morning. thanks for joining us this friday. let's start with -- i think you're coming to us from your new headquarters. let me ask you about the sustainability credentials. how it works for a hybrid working era. are you building in aassumptions how full this office will be? how much people will work remotely? how much is it all going to come together? >> good morning. good morning to everyone. we are heading into a completely new phase in working habits and behaviors. when we started this, ahead of this five years ago, we had in mind it will ne

now we have xi jinping risk.n and laying waste to an entire sector of for-profit education or deciding just to take half the profits of whichever companies he wants to take the profits for, for the common prosperity and the maoism of what xi jinping is talking about i think what ray dalio and blackrock is saying is crazy i agree with george soros 100% on this% >> so have you removed all exposure to china or are there other ways you can do it get exposure to these themes without the risk >> you know, due to criticism, i eliminated all of my china exposure years ago so right now i'm just coming to you as a concerned citizen and a proud fiduciary. i don't think you can be a fiduciary and say that china -- that you're being compensated for the extra risks of china with their rule by law, no rule of law, no audits and xi jinping risk and the returns in china are horrible compared to their returns in the united states so i think it's important the next time you get ray dalio on, i've never heard anyone in the media ask

president xi jinping is a huge soccer fan. he's put great emphasis on building a soccer -- football powerhouse in china. but the super league has been fought with financial problems. and they are owned by -- drum will pres -- drumroll please -- ever grande. and it has spilled over to this team. the top level teams and also the junior league teams. it has affected training, salaries, they are possibly looking at selling a 10% to 15% stake to local authorities. the local government could take a stake. they could be shelling -- they could be selling key players to other teams. it is a problem. the champion in 2020 has had its financial problems. they won the championship, within 100 days, they had to disband. it is not unprecedented. given the huge indebted nature of ever grande, selling the soccer team will probably make a lot of sense. they lose about one billion to 2 billion yuan on investments in football. haidi: the president does love soccer. a national priority. dave engel. let's get you to vonnie quin with the first word

xi jinping is a lot more -- that's one aspect of it.f the leninist party that enables him to do what he is doing right now. maria: desmond, i hope you will come back and a share more of your story with us. thanks for writing this book and thanks very much for joining us this morning. desmond shum. we'll be right back. that spin class was brutal. well, you can try using the buick's massaging seat. oh. yeah, that's nice. can i use apple carplay to put some music on? sure, it's wireless. what's your buick's wi-fi password? it's buick envision. that's a really tight spot. i used to hate parallel parking. ( all together ) me too! the all-new buick envision. built around you. all of you. pay no interest for 72 months plus current eligible buick owners get 5 hundred purchase allowance on 20-21 buick suv models. (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate get 5 hundred purchase allowance and the more affordable weight loss solution? that's golo. there are no monthly fees and it'

we had that biden and xi jinping call which helped china slightly in the early session.hat faded and chinese adr fell, down 25% year-to-date already. commodity currencies did gain against the dollar on that phone call. wti at the moment is down 3/10 of 1% after its third weekly gain, mostly because of production concern after hurricane ida. we have tuesday cpi members under the u.s. to look out for. it will be all about inflation. look at what cost more in august. we see ppi goods hitting 40 year highs. we can see the metals, fuels, chemicals, paper, they all gain ground. a broad metals rally. but really, it has been about that busy week for noble equity capital markets. since 2012, nearly $40 billion of deals. september is marking traditionally start for new ipo's. so, we could see a lot of activity coming up. >> we are also seeing a lot of activity in energy and mobile spending. we have this global confluence of events where you have pent up consumer demand and a that there will be a payoff with greater outlays of spending and production bottlenecks as a result of covi

chinese president jean jinping is targeting -- xi jinping is targeting more development spending. must embrace self-reliance in high-tech industries. it comes as he pushes the doctrine of common prosperity and continues the regulatory in slot the digital sector. global news 24 hours per day powered by more than 2700 journalists and analysts. i'm vonnie quinn. this is bloomberg. yvonne: coming up, we speak to stephen anderson about the growing humanitarian crisis. this is bloomberg. ♪ rishaad: have a look at southeast asia. we've got the vietnam growth read. the worst rate since that did start off. jakarta is looking at a bit of life. we are missing one coming on stream in about 20 minutes and that would be thailand, as well. we've got some comments from the finance minister. yvonne: taking a look at some of the key stories and southeast asia. in thailand, the central bank is supposed to hold the key rate at a record when it meets in a few hours. before the decision, we will get the industrial production data. in singapore, the latest data shows the population shrank by more than 4

tom: looking ahead to that speech by xi jinping. by chinese corporates around common prosperity. let's check on the futures before we had to break. european futures lackluster, lacking direction. in terms of the ftse 100, flat. coming up, the latest ftse 100 shuffle. what does this mean for the u.k.'s efforts to nurture technology companies? we are going to discuss next. ♪ tom: this is "bloomberg daybreak: europe." the latest ftse makeover has been announced, reshuffling the u.k. benchmark index. morrison's will join the ftse 100. booted out our takeaway.com and weir group. what did the changes tell us? let's pull in craig. what are your assessments of the changes? >> it is a football analogy. there are allegations. they happen on an ongoing basis. they happen every three months. this instance, the index can stay current. this was odd and that -- in that the additions are basically driven by m&a inflated market caps. they are certain to come back out again before long. rules are rules. it just seems a bit unfortunate in the sense th

what has led to that and what is the influence of the current president, xi jinping?uest: china has for decades had several key driving considerations for its foreign policy, but at the top, china views his country differently than most of the world does. china believes taiwan is part of china and any independent government in taiwan is a long-standing problem that needs to be resolved and it wants to reabsorb taiwan. much of its military modernization is based on the idea of how much military does china need to retake taiwan? that is probably the biggest driver in how china's military has grown and developed over the last 30 years. host: when it then comes to this announced deal and in terms of retaliation, what can china do in response? guest: we will have to wait and see. china has shown a high level of creativity in its policy actions, particularly since xi jinping became president. he has been president for almost 10 years. his second term is set to expire late this year, early next, but most analysts assume he will try to change the last 40 years of chinese hist

president xi jinping has gone after the billionaires and now he's going after the highrollers who pack the vip rooms in the casinos operated by the likes of las vegas sand and mgm and it looks like the game plan is going to be quite similar, which is highly restricted regulation and direct administrative control. matt: not a lot of people will know how huge gambling business in macau is. it's much bigger in terms of revenue than the las vegas strip. partially driven by those las vegas businesses that are invested there. it's also the only legal gambling place and all of china. >> possibly through a historical accident. beijing as it were acquired gambling when it took back macau which is a portuguese colony in 1999. but the communist party has always frowned on gambling. it is seen as a social vice and a remnant of the old society and president xi has a personal antipathy towards it. the gaming industry in the count one of the first targets of an anticorruption campaign and to this day in beijing there is a suspicion that the casinos are accomplices in money laundering. matt: probably

xi jinping came out with the three red lines policy last year.happens is there's a certain pain threshold in which beijing may be forced to act if turmoil gets to great and they worry about instability -- too great and they worry about instability. they feel that that is a bigger risk than the increasing moral hazard by helping out evergrande. that gives us a sense of where we are with asian stocks and how they have been hit by this compared to others. looking at other companies because of those three lines. liability levels, leverage, liquidity, those things. what we have seen is unlike in the rest of the world where companies with stronger balance sheets have typically outperformed those with weaker balance sheets, in asia, the opposite is true and that is largely because of xi's crackdown on every kind of profit or private sector industry -- profitable private sector industry you can think of pit we saw the selloff in hong kong developers, very strong companies. we saw casinos the previous week. we had tax previously. any industry that is doin

the chinese president, xi jinping, declining an in person meeting with president biden after he floated the idea last week. to walk us through the implications of this, annmarie hordern, bloomberg's washington correspondent. what are they saying about this reporting? it has been reported widely elsewhere. how -- what are we learning about how the conversation went, or whether there actually was a snow? anne-marie: there was no actual mention of an in person ask. some have said that characterization was not correct. we learned that president biden floated this idea for a meeting. it would be the first time the two would meet face-to-face with biden as president and xi jinping decline this. is this because xi has yet to leave since covid? he has been in china for more than 600 days, the most of any g20 leader, and we know he will not attend next week's u.n. general assembly. there is the potential of whether or not, we don't know, of whether he will show up in rome at the g20. one thing we do know, though, is that the biden administration, similar to the obama administration with regard t

president xi jinping pushing his comment prosperity line. we will talk about that next.is bloomberg. ♪ this is bloomberg. ♪ taylor: we go global. we are going to china's exports, which surged in august thanks to suppliers boosting orders ahead of the year-end shopping season. take a look at this. george saying today that blackrock's china question is a tragic mistake that poses risk to client money and u.s. security. here to break it down is leo miller. let's start with maybe some of the more economic perspectives of this with the export orders. do you see that as sustainable? >> the reason people are so surprised today is there has been a narrative that china is slowing down dramatically and the economy is in trouble. that was never true. investors like to grapple on a particular narrative. the stock market is in pain. authorities are panicking. i think we see the slowdown narrative is very much oversold. manufacturing may have plateaued. services has significant weakness in certain parts because of covid. there are problems. i think the idea that the economy is weak is

now we have xi jinping in particular and nixon recognized china but now are on the opposite poll of what we are doing now. i'm just wondering and i know i have already sina question here on the dollar itself. this is a footnote jeffrey as you know dollar bond issuance in dollar yield has gone up to radically in the last two years. it somehow seems to increase. well over 75% of commercial transactions in the world are denominations now but is there an alternative and i wonder what your thoughts are there. baskets of currency is quick how do you view this of the backdrop in which we set in place after this meeting in 1971? >> great question but i left something out which i think we should just interject. when you asked me about the similarities and the differences i should have talked about inflation because in 1971 inflation was rising and the inflation stems in good part from the vietnam war and president johnson -- and so when nixon became the president inflation was beginning to be a real problem. and nixon held a very strong view that in the trade-off between inflation and employment

in other words, xi jinping is

president biden had an idea with a meeting with xi jinping but president xi declined.e has not left china in more than 600 days. the u.s. justice department asked for an emergency court reporter to restrict an antiabortion law in texas, likely to reach all the way to the supreme court. it outlaws almost all abortions after six weeks of pregnancy. that is the top business call in the u.s., putting to "businessweek." they have been highest when it comes to networking entrepreneurship. harvard in third. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ ♪ >> i am humbled and grateful to the millions and millions of californians that exercised their fundamental right to vote and express themselves so overwhelmingly by rejecting the division. jonathan: governor gavin newsom of california, from new york city, alongside tom and lisa abramowicz, i am jon ferro. it is a brief mild bounce up, four or five points and we faded as the session has grown

president xi jinping turned his back on him. to have relationships is focused on domestic economy and it is turning inward. their attempt to turn inward is removing one of the big locomotives. jonathan: lucky to catch up with you, as always. the president suggested the possibility of an in person meeting during a phone call last week, but the chinese president declined to commit to one and did not even acknowledge the question. tom: it has to be a big change. i do not think anybody should be surprised that it will continue, with discussion and diplomacy. jonathan: this number out of china. it is not just a scale of the slowdown. it is the fact that they find it so difficult. we saw that with payrolls. i think the bank had 2.5%. where are we now? we still cannot get our hands around where the economy is going. tom: i was in shanghai and all i can tell you is that the labor model in china is the only thing that they worry about. they always go back to keeping people employed. jonathan: futures advancing. we need to have a little c

president xi jinping giving the speech. a bit of an olive branch. he mentioned the regulatory crackdowns. he talked about more thematic terms about using innovation, also using the equity markets as a way to support the financial system going forward in a more innovative financial system that is less reliant on big state owned banks and debt. he basically said they will provide the new stock market in beijing, shanghai and will have binging -- beijing provide a platform for small and medium-sized enterprises. beijing already has a market, it was set up in 2013. but it has been short on liquidity, and many companies do not trade very much on a daily basis. it has not necessarily served the purpose it was set up to do in 2013. according to the statement just after his speech, elaborated more that some selected companies will go over to this new board. we don't know the name of the board, when it will be set up, we don't know it's constituency. we don't know what the listing requirements will be. but we know that they did have lower lifting requirement

covid call it direct diplomacy president biden with the first one-on-one phone call with china's xi jinping since february details of the call ahead. >>> inflation. getting fired up what is behind natural gas surge and why it matters to you. >>> two fed heads say they are selection their stocks after outrage grows with the member of the fed actively trading. >>> it is friday, september 10th this is "worldwide exchange. >>> good morning, good afternoon, or good evening welcome from where ever in the world you are watching i'm brian sullivan thanks for joining us. a lot to get to on this friday money and your markets are looking to end a week strong dow futures up 200 nasdaq up 53 all this as the dow and s&p logged the fourth losing session in a row on thursday the first time that happened since june dow's 3m and j&j down 4% this week rough week for the transportation stocks as well. coming down four down days in a row is kansas city southern and jb hunt. on peace for the worst week sine june on pace for the longest losing streak since march of 2020 transports, more than any other group, are

rishaad: we are looking at using pink -- we are looking at xi jinping.f this coming through from the local state broadcaste perhaps some noises is made, perhaps a rapprochement taking place between the leaders of north korea and china. david: against the backdrop of the north korean anniversary on the back of the -- file pictures here of former ties. i would imagine warmer ties ahead. rishaad: ok, let's get back to some data we had earlier on. some -- good in parts. this is the first word news app with vonnie quinn in new york. vonnie: china's inflation rose on accelerated almost a 13 year high driven by commodity rallies in beijing's been unable to tame. prices rose 9.5% from a year earlier. cpi rose just 0.8% for the same time. economist estimated 1%. u.s. job openings hit another record in july illustrating lingering staffing shortages. according to the latest survey, available positions rose by 74 9,000. the estimate -- total available jobs rose to 10.9 million from june's 10.2 million, twice the size of pre-pandemic unemployment. u.s. secretary stat

xi jinping does not seem like a man who acknowledges error but could it be he's quietly attempting aourse correction after seeing the disastrous results of his worst world diplomacy? could china actually join the tcttp? it's unlikely since in key areas remains an nonmarketable economy, which is incompatible with the group's requirements but were they somehow to manage that process, it would be a remarkable move of jujitsu, a trade of investments designed to combat chinese influence would end up becoming one more platform in which china's wait was paramount. the submarine deal was a big and smart strategic move. it plays to american's strengths, which are military and political. what if the china challenge is fundamentally economic and technological? rejoining the trade pact is politically difficult in america but it might be strategically more important than eight australian submarines, which will begin to be deployed 19 years from now. don't take my word for it. ash carter, obama's defense secretary said in 2015 -- >> p ctp is important to me as another aircraft carrier. >> josh cam

brianna, it comes down to china's leader xi jinping. government has made an example of several very wealthy celebrities basically canceling them. imagine one of hollywood's biggest celebrities erased from the interpret in a single night. that's basically what happened to one of china's most success actresses. ja wei. a star of chinese television and film, she was also a weighty entrepreneur who bought vin yards in france and acquired a stake in one of the biggest film studios. that all changed one night in august when she in explicably disappeared from the chinese internet. her social media accounts erased. >> to imagine that someone's name, history is eliminated from the internet shows the power and the infrastructure of china's internet. and who really is in power. it is the chinese party state. >> reporter: china experts say the canceling of wei is part of a much bigger crackdown in china. >> the whole entertainment industry was targeted by xi jinping. >> reporter: there's only room for one real star in today's china, he argues, chin

but china is just a very, very hostile environment right now, coming straight from xi jinping on downle luxury space is basically, i would think, probably 40% of their sales must come from chinaor chinese buying elsewhere, if not more in many, many cases we're talking about many of th big european names and u.s. as well that's maybe a further area to explore and interesting warning there. derrick, i wanted to ask, we've been looking at this from the lens of social transformation, the idea of increase children, lower the cost of living, make sure society's gains are distributed fairly would you though also point to the economics as being a catalyst of some of these changes? when we see them imploding skyscrapers, covid concerns and a lot of discussion about what's going on with the property bubble, what's the connection there? is there one >> yeah, i wish there was an economic rationale certainly macao doesn't fit into that if you were proceeding according to what's important economically in china, macao wouldn't crack the top 100 issues i think john's got it right. there are economic

china's president xi jinping has told the u.n.eral assembly his cent plans to stop building coal-fired coal plants abroad and vowed more support for poorer nations to deep clean energy. the announcement came a year after he said -- to make china carbon neutral by 2060. beijing, the finance institute report says more than 70% of all coal plants built today rely on chinese funding. the i.e.a. has called on russia to supply more natural gas saying the energy crunch is an opportunity for moscow to show it's a reliable supplier. the agency says russia is meeting its contractual obligations to shift gas to europe. but as exports are still down from pre-pandemic levels. gas prices in europe are breaking records as russia keeps a cap on the additional flows needed to refill storage sites. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2,700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. haidi. haidi: still ahead, ray dalio says the evergrande debt crisis is man

soros wrote that blackrock appeared to misunderstand exi jinping. -- xi jinping we have some chineset overnight. it show we have this op-ed written by george soros questioning the investment the investment opportunities available there. what is your attitude to china? do you come down on the side that says you have to be invested in china or do you think soros is onto something significant there? >> it is very hard for me to comment on this. however i would say that china is a major economy globally and importantly very well integrated in -- it is an economy that we cannot -- and therefore there are some investment opportunities there. the question of course is -- them aaccordingbly. and to stay positioned in those places where china is very well integrated. what's happening in the data security is something that we are still observing. the concourse the contours are not very clear and it is hard to give a definite conclusion on this. >> the previous book evaluations has fallen below one. is that an area you would look? is that an area atrablghtedded for you? >> there are some areas,

this is something that xi jinping would put his finger prints on at the moment.t the chinese government injected about $14 billion into the financial system of another direct bailout of evergrande but what you thank you so happening behind closed doors at the moment partied. guest: xi jinping is certainly involved, is been happening for a long time not being dealt with by local officials at this late stage and is very visible in matters to the communist party because of the visibility and because ordinary chinese were going to be affected if they out light and an outright collapse with evergrande so he is definitely involved in trying to see who will get hurt and who will get saved in this a political decision about some of evergrande's creditors are going to lose rated some of their positions and others are going to made whole they try to protect the financial system for the financial injection but who his going to be okay out of this and who is going to suffer, that's a decision is ultimately xi jinping has to approve. it. liz: okay i'm looking at 20 stocks at

chinese state media says president xi jinping congratulated him on his reelection.na says it is aiming to double geothermal power generation by 2025. the national energy administration is also targeting a further doubling of capacity in the 10 years after that. it comes as china faces an energy supply crunch, with almost half of its 23 provinces missing targets and now under pressure to curb use. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. rishaad: coming up our exclusive interview with the ceo of youtube. this is bloomberg. ♪ rishaad: this is bloomberg markets. looking into electric cars. liquidity issues. yvonne: the latest, let's bring in our chief north asian correspondent. [laughter] reporter: bringing up the intraday on the two companies. they were taking, ever grant has been taking for quite some time. the new energy vehicle division, 708 is the stucco, had sunk as much as 11%. news that they are scrapping, not much of a surp

now, contrasting views about a 90-minute phone call between president biden and chinese leader xi jinpingpresident biden entered the white house. the call was described as candid in tone but not lecturing or condescending, and that human rights and the origin of the coronavirus were among the topics. beijing says president xi told biden that u.s. policy towards china has, quote, caused serious difficulties and relations and runs counter to the best interests of both countries and to the world. the tough talk fits right in with steps president xi has taken recently to assert chinese nationalism at home and abroad. and as cnn's david culver reports for us now, this harkens back to past crackdowns on western influence. >> reporter: china's ruling communist party, having just celebrated its 100th birthday, is implementing a series of drastic policies, upending everything from multibillion dollar businesses to pop culture. >> it's back to socialism. and the party, i think, wants to remain ahead of the curve. >> reporter: socialism with chinese characteristics, as it's called here, they return

look, i think we are very clear that xi jinping has a different model in mind.talk about that a lot i think with evergrande specifically though, let me say i think given xi's focus in that model, his real concern would be on cushioning the impact of retail and other vulnerable investor i think the big boys, the big boys and girls will have to take a haircut. i think that is coming i don't think it will fail outright it won't be a meltdown, but there's some pain coming but i think absolutely right the question is are investors willing to take this ride with xi jinping and see where china's economy lands under this new sort of common prosperity narrative. i will also say, kelly, that the debt problem in china has been around for a very long time, but few leaders have felt strong and secure enough to tackle it this tells me that xi is pretty secure going into the 20th party congress and he is really knocking heads and trying to restructure the economy. >> an absolutely great point because you would never take this kind of risk going into an almost unprecedented thi

joe biden has called xi jinping over his frustration with dead-end talks. it was the second call between the leaders and comes at a time intention between the relationship. biden hopes personal engagement will advance cooperation. from your perspective, what is the importance of the call, and what was the aim as we know it from our reporting out of washington for president biden? >> they are talking, that is good. they had a call in february after biden became president, but nothing since then. joe biden sent lower level -- no disrespect to john kerry -- lower level officials to talk to the chinese. they have had fairly unproductive talks. those highlighted more of the differences and the dustups that left a sour taste in joe biden's mouth, because he thinks he can probably get these talks and relationships back on a more serious level by appealing to xi directly. the white house initiated the call. it lasted 90 minutes, to unpack the serious issues. from most accounts, these were candid and direct and straightforward talks over a host of issues. those that

also on the heels of the fact that we had the president and xi jinping have a call recently.han: i just had a question from a subscriber -- if the debt ceiling would need to be passed through reconciliation, does that mean the major bill would have to be passed by two? annmarie: that would be one way of doing it, or they can vote within the reconciliation just a debt ceiling proposal. i think they can do it still via reconciliation. it is a good question because doing it via reconciliation, instead of passing the bill, which the senate has voted for quite sure, which means on monday they could take up this bill that links the debt ceiling and the stopgap funding measure. they would have to go back and it would take longer, but it will have to be done by reconciliation if the senate does not pass this bill, and we know they will fail. jonathan: annmarie hordern, thank you. the news that came out five minutes ago, lawmakers facing a deadline between october 15 and november 4 for the debt limit to be breached. lisa: i feel like it is a bit of a circus. jonathan: i don't think yo

he urged xi jinping to cooperate even though they battle on other topics.hey were on the phone for 19 minutes, the first conversation since february. president biden urging vaccines and mandating federal contractors employees and health care workers to be vaccinated. he said the administration will mandate shots for private employers. growth of domestic product up .1%, a 10th of the paste posted in june. that suggest the growth from the pandemic is leveling off. in japan, he will be replacing the outgoing president and he wants to create a country where no one is left behind. he is leading the liberal democratic party. his leader is virtually assured to take over. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. ♪ es. this is bloomberg. ♪ pres. biden: america is in better shape than it was seven months ago when i took office. i need to tell you a second fact, we are in a tough stretch and it could last for a while. the highly contagious delta varian

president season paying -- xi jinping's plan for prosperity.would appear that north american markets are willing to stay focused on easy monetary policy. we have mixed signals on the economic front, but private payroll data shows that labor growth may be a look ahead to what we get at the end of the week. that would be expected. we have seen a slowdown in growth data points, but these markets, which are trading near or at record levels, could be interpreted as lightning for the federal reserve to keep monetary policy easy. real estate and utility higher today, but it is the groups that make up that mega caps that took the market to these heights. heck, consumer discretionary, communications. -- tech we still have oil up solidly, above 68 usd a barrel. interesting trading in the rail stocks engaged in a bidding war for kansas city southern. longtime watchers of this story no that the big canadian realplayer made the bid for kansas city southern originally. thanks to the transportation board, its own bid may be in jeopardy. now, both cn and kansa

present xi jinping's push for balanced growth has sparked a debate.hina, meanwhile, has signaled it wants to ease concerns that the regulatory crackdown will hurt foreign investors. joining us is jane foley, rabobank's head of fx strategy. we have been talking about this for many weeks, the common prosperity drive, but it seems that even within china there is some lack of consistency or lack of common interpretation as to what this really means. how drastic is it intended to be? what does this mean in capital markets and the private sector? from a perspective of chinese assets, how do you see this affecting the assets that you attract? jane: it is not only a national debate. it is an international debate, and it can be sold in a number of different ways, hence the debate. but we have seen our chinese authorities saying this is about clamping down on monopolistic practices, making it fair as a consumer. if you buy that argument, maybe there is a long-term opportunity to make things more stable. but a lot of people take the view that this is clamping do

we are already so linked. >> minimize the risk xi jinping is minimizing what he sees as china's risk the same thing. i think what companies should do is take an oath, the first do no harm by doing business in china or accepting chinese investment. first don't help china develop a differential advantage over the military by the transfer of emerging critical technologies don't help the chinese communist party perfect the police state and doan help them commit genocide with -- by turning a blind eye to the activities, saying for example we are of and for china and result -- response to coercion after they suggest that they don't want to use slave labor in the production of products and then finally, don't shortchange or don't compromise the long-term viability of your companies in exchange for short-term profits and so many companies have done that over the years. this is affected everything from wind turbines to battery manufacturers and just example after example. learn from the examples now and recognize that doing business in china is a risk. also i would say it should be the number

what has led to that and what is the influence of the current president, xi jinping?st: china has for decades had several key driving considerations for its foreign policy, but at the top, china views his country differently than most of the world does. china believes taiwan is part of china and any independent government in taiwan is a long-standing problem that needs to be resolved and it wants to reabsorb taiwan. much of its military modernization is based on the idea of how much military does china need to retake taiwan? that is probably the biggest driver in how china's military has grown and developed over the last 30 years. host: when it then comes to this announced deal and in terms of retaliation, what can china do in response? guest: we will have to wait and see. china has shown a high level of creativity in its policy actions, particularly since xi jinping became president. he has been president for almost 10 years. his second term is set to expire late this year, early next, but most analysts assume he will try to change the last 40 years of chinese histor